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Lithium-ion battery pack maker and recycling firm Lohum has said it is eyeing a three-fold jump in its topline at over Rs 300 crore this fiscal
driven by surging demand.
The company has drawn up an aggressive expansion plan for the next five years amid the Lithium-ion battery industry expecting to grow 11-times between 2020-2030, Lohum Cleantech said.
This growth will come on the back of rising demand for electric vehicle batteries, and energy storage systems(ESS) that power smart devices, and stationary applications, it said.
Lohum Cleantech is looking to expand at a faster pace to meet the needs of the market. At the end of this financial year, the company is expecting to triple its revenue from Rs 110 crore achieved in FY22, the Greater Noida-based firm said.
Lohum claims holding as much as 60-70 per cent share of the total domestic Li-ion battery recycling market.
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The company had in September announced a collaboration with Switzerland-headquartered diversified natural resources firm Glencore to supply 10,000 tons of speciality chemicals over the next five years.
The company also has battery reuse capabilities, which caters to customers and partners across the US, EU, Middle-East, East Asia, and South-East Asia.
It has three facilities-- a 2-GWh 'reclaim' recycling and extraction unit and two 300 MWh dismantling and repurposing unitsin its base location, Greater Noida.
Lohum is gearing up to set up its 4th facility in Greater Noida only to cater to the enhanced demand, it said and added that the target is to rapidly scale growth with a production capacity of over 50,000 tons in the next 4-5 years.
The 'Reclaim' facility can handle 10,000 metric tons of battery scrap per year and manufacture new, sustainable lithium-ion battery material to produce a good number of electric vehicles.
Besides, it also hosts battery reuse capabilities that maximizes the life of cells before needing to recycle or manufacture new battery cells, for customers and partners across the US, EU, Middle-East, East Asia, and South-East Asia, as per a statement.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
